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On Monday, Mastercard announced a collaboration with cryptocurrency trading platform Paxos to develop a service that would assist financial institutions in offering cryptocurrency trading.
Mastercard launched the Crypto Source initiative, which will assist banks in adhering to crypto compliance requirements, verifying transactions, and providing anti-money-laundering and identity monitoring services.
Previously, the payments business launched a solution that allows issuers to examine the risk profile of cryptocurrency exchanges.
Pilot projects for Mastercard Crypto Source are presently being developed. More information on expanded availability will be made available at a later date.
Jorn Lambert, Chief Digital Officer at Mastercard, said:
“Our commitment is simple – to explore crypto and the underlying digital assets technology to support consumer choice in payments. Today is an exciting step in our crypto journey that draws on the strengths of our global businesses, from open banking and identity verification to analytics and fraud monitoring to settlement solutions. We’re excited to build on our long-term partnership with Paxos – co-innovating to bring safe and secure technology to financial institutions. Our crypto product innovations will provide choice at scale and continue to bring one-of-a-kind opportunities to financial institutions as they seek to offer new, advanced services to their customers.”
Walter Hessert, Head of Strategy at Paxos, said:
“Mastercard has a powerful network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will give FIs the fastest and most trusted way to offer safe, reliable crypto access for their consumers globally. We’re thrilled to partner with Mastercard to further accelerate the mainstream adoption of digital assets.”
Mastercard now offers the following crypto-related offerings for banks and fintechs:
Last week, Raj Dhamodharan, head of crypto and blockchain at Mastercard said that his firm will continue to push for cryptocurrencies as workable payment options.